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down to the next 24 hours. one year of campaigning, $1 billion spent, mitt romney ever the optimist going up against the pessimist barack obama. i'm still picking romney and you'll hear my commentary later in the broadcast. >>> for the first time with just hours to go, pennsylvania now coming up in play. that is astounding for a state long thought to be in obama's hands. we have amassed all of the kudlow all-stars on both sides of the aisle to help us out for the next hour. >>> first up, the first polls close in 24 hours. that includes the critical battleground state of virginia. so how close will tomorrow be? or can we expect mitt romney or obama to pull off a sizable win? who knows. chief washington correspondent john harwin knows. >> everything we know suggests it's going to be chose. let me give you context for prediction of a romney victory. take the latest nbc/"wall street journal" poll. obama 48%, romney photography%, can't get any closer than that, well wind the margin of error. then go to the battleground states. we've got three late battle ground state polls. first of all
far if you put indiana and kentucky together, that's 19 electoral votes for mitt romney to start out with. we knew he was going to get those votes, we expected two states that are too early to call both georgia and south carolina, are both going to go for romney eventually anyway, we don't know that, we don't have any raw vote, but in preelection polling it was clear those were part of romney's base. georgia was a state that president obama was hoping to target. didn't look like that was going to come true. vermont, three electoral votes for the president, now on the board too, but that was expected. the one we're watching, guys, is the state of virginia. 13 electoral votes. both candidates have been targeting the state. 40% of the vote comes from the counties of northern virginia near washington, d.c. the other parts of the state are more conservative, more rural, more southern, and that's where it gives mitt romney hope of offsetting the margins that president obama could run up in northern virginia. we're just beginning to know what's happening tonight, but virginia is really the
is called for mitt romney. a state that mccain won in 2008 by a wide margin. the state of connecticut is called for obama. an important state there with a high profile senate race between linda mccann and representative chris murphy and the district of columbia just three electoral votes is called for president obama. >> we're waiting on florida right now florida is still too close to call. this of course is one of the t hotly contested states. florida too close to call. the polls are closed in florida. onto illinois where obama has taken illinois. as you can see there illinois is going to the president. maine also going to the president tonight. nbc news projecting president obama is the winner of maine. onto maryland where we are also seeing president obama take maryland. and that of course ten electoral votes. >> interesting. the state of massachusetts governor romney's home of course as governor at least being called for barack obama. also home to a very high profile senate race between senator scott brown and elizabeth warren of harvard. the woman who set up consumer protection
. >> yep. >> another winning -- another winner on a close call in idaho. idaho is going to governor romney. governor romney wins idaho with four electoral votes. nbc news projecting mitt romney the winner there. >> couple of big states out of the pacific northwest as we continue to hear the crowds at democracy plaza. the state of oregon, too early to call. although nbc news is saying that the president, barack obama, does lead in the state of oregon. and washington state. nbc news projects that barack obama will take the state of washington. there are some cheers in democracy plaza. we'll go back to there as the map fills in as the night goes on. >> not really clear who the fan base is for because you're hearing the same kind of, you know, phrase for both obama and romney. >> puts the president at 243 which is less than 30 points needed to get to 270. things are getting important here. in the meantime, your headlines at this hour. nbc news projecting obama ahead in electoral votes after sweeping up california as we mentioned. wisconsin, new hampshire. the first of the battleground state al
. however, romney camp has not yet con seeded defeat in ohio where many provisional ballots remain uncounted. the popular vote is split directly equal. >> we want to get the state of play right now. john, let's talk about ohio. this was the deciding vote for the president and of course, just a few minutes ago we heard that the romney camp was not willing to con seed. that in fact, ohio, all of the votes have not been counted and they are not willing to con seed that, in fact, the president won ohio. >> i have returned from the map room. >> yes. we haven't gotten the final tabulation of votes. the romney campaign can refuse to con seed. until colorado and -- you know, the romney campaign can hold out. >> you have been down this road under different administrations and different election nights. can you walk us through what some of the thinking is on the romney side at this hour knowing what we don't know? >> what they are doing is looking at counties in ohio including coal country where they say mitt romney is out performing george w. bush in 2004. had to retract it. they are not going to --
rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future together, because we are not as divided as our politics suggest. we're not as cynical as the pund
about just election uncertainty coming out of the market, not about whether it's a romney or obama victory. it is people just looking at it. it's election uncertainty coming out. >> that makes a lot of sense. real quick, let's go around the horn here. how do you allocate capital? what do i want to be exposed to, and what do i want to sell in 2013? given all of this that we know so far. >> well, you definitely want to get out of defense stocks. you don't want to be there because i think that those have already moved. if you get an obama win, you're going to get a pullback there. i think you want to start to look at retail. if people start to feel better, they're going to spend more money. >> all right. keep away from defense. buy retail. who's next? >> well, what i would do is i would keep a balanced portfolio. 50% equities, 50% fixed income. you want to go up the quality spectrum as well as you don't want to be exposed to european equities. when you have a destabilizing economy across the globe, that's where you want to allocate. >> jump n next up. >> i think that no matter who win
't worry, i'm going to give you some picks for an upset by governor romney, although i'm on record thinking it's most likely not going to go the governor's way. but i bow to popular demand. first up, let's figure out how stocks have really done under president obama and i'm going to use a prism that i haven't seen anybody else use, the five-year lookback. you cannot use the inauguration day as the starting point. there's too much priced in at that point. almost every stock is higher, so it's irrelevant. the s&p is up 75% from inauguration. we need to go back to when the great recession was just about to begin. it became clear the next occupant in the white house could be a democrat, proved my thesis that if obama wins, it might not matter the stocks nearly as much as you think. anyway, with this five-year timeframe, the phrase "under obama" as most oil stocks fared badly under obama, simply doesn't hold up under any rigorous scrutiny. some stocks have done better with obama than without him. others will fare better if romney wins, as i'll explain later in the show and we'll expand tomorrow
the national polls would show obama and romney in a virtual dead heat. tonight it will come down to swing states. scott cohn is in columbus. >> no republican has ever won the white house without winning ohio which explains why mitt romney has been here twice in the last 24 hours. the democrats rpant taking this state for granted either. president obama in columbus last night at a rally attended by about 15,000 people. all of this has gotten the voter's attention. heavy turnout as well as precincts across the state in republican areas. ohio senator rob portman a backer of governor romney thinks the high turnout will help his candidate. >> everyone is saying as goes ohio and so goes the country. i feel good about today. >> reporter: ted strickland is predicting an obama victory with a margin wide enough to avoid the dreaded legal challenges. >> i think the president will win a convincing victory. it will be tight. >> reporter: there are armys of lawyers on stand by from both sides in case this election comes out close in ohio. back to you. >> in another crucial swing state, florida, with 11
few weeks that obama was going to lose. that romney had decided to spend a ton of money and win pennsylvania and ohio and he already owned florida. so it's all a done deal. don't believe me? did you watch cnbc's coverage last night? republican after republican came on saying that such a scenario would play out, right up until ohio got called for the president. these people were just plain, out right sellers today. they bought in anticipation of a romney win. they sell on a romney loss. most of my investors will say oh, yeah, hey, sure. let that run its course. i'm not going to sell my gap stores for target, right or wrong. however, i would rebut that we suddenly have a new word. the head of the european central bank mario draghi picked today of all days to say things have worsened dramatically in europe, including germany. that means there's a new sense of urgency to fix the europeanness and we're learning to be wary of the way europeans are going about their "bailouts." here's what the client would say. wait a second. we've been through this before. why do i have to take any ac
is ohio? well, this is the airport in cleveland and these are the airplanes of governor mitt romney first and vice president joe biden just a few hours ago. we will show you why that state's economy may well determine the outcome of today's election. >>> and this is the dow chart since the president took office, up more than 60% at 13, 260. accident of histly? who knows? start at the new york stock exchange where my partner sue herera is on the post. sue? >> indeed, it is a big day down here on the floor with a triple-digit advance. you know, five of the last six election days, the dow moved less than 1%. obviously, it maybe quite different today. right now the dow jones average is up better than 1% already, up 147 points, almost 148. the s & p up almost 13. the nasdaq up almost 18. bob pisani joins me here on the floor of the new york stock exchange, a decent pop, fairly broad based. an election day lot of commentary floating around, a lot of people pushing positions, much of the commentary is erroneous but that's what moves markets these days. here's what's important, the biggest single
. the polls are now closed in iowa,is now too early to call. and the state of montana, where mitt romney is projected to win there. >> we have nevada, the polls are closed but it is too early to call. and in utah, nbc news is projecting a win for governor romney. >> in the meantime welcome back to your money your vote. obama takes the first battleground state of wisconsin and new hampshire, giving him an electoral edge. north carolina, ohio, virginia, florida, colorado all remain too close to call amid very high voter turnout. the house republicans are projected to retain control as well. i want to go live to las vegas. >> the six electoral votes are in play. they will not start reports results until the last person in line in each county at 7:00 p.m. gets a chance to vote. it may be about a half hour before we start getting results. both parties are partying on the strip tonight. the republicans are lit up with red white and blue. over 20 million dollars. he may be in boston tonight with the romneys. democrats are meeting at mandolay bay. they are showing election results on the screens
story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the la
-- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings the total to 1.5 billion. the banks also had to set aside more than $250 million to cover british customer claims. pretax profit of $3.5 billion and will hlower than the same p in 2011. >>> japan's biggest automaker has revved up its profit forecasts to close at $10 billion. toyota is the first and possibly only firm among the top three carmakers to raise its outlook for the current fiscal year. it noted strong sales in north america and asia and toyota posted a better than expected net profit of $3.2 billion in the third quarter. that was more than triple the amount it made in the same period a year earlier. more on that story in just a bit. >>> and 12 million customers are still without power in new york, new jersey and connecticut a week after hurricane sandy struck. and a cold snap is setting in to the region and nor'easter
surprise for mr. romney. if that's the case -- >> you think romney wins -- >> i do. >> -- that will be a surprise and this market rallies on that win? >> i think the market rallies big. there will be a lot of money in motion. people will be moving on with decision-making. there's trillions of dollars just waiting for confirmation for a new course. >> todd, what do you think's going on right now? what do you think is going to happen tomorrow? >> well, you know, just -- i'm just going off historic returns. when a democrat wins market goes down, average 9.3%. if a republican wins they'll greet the market with buying. and that's usually the day after. but as far as next two days, i think we're going to see very similar tape that we've seen today. the good news is, i think we get beyond that uncertainty. the week of election usually shows positive returns overall regardless if it's a democrat or republican that wins. and then we go on to a very favorable seasonal period for the market, the month of november, december. >> of course, triggers all sorts of buying with the h
the latest from camp obama as well as camp romney. john? >> melissa, this thing is going down to the wire. the candidates have been crisscrossing the swing states for the last 24 hours -- wisconsin, florida, virginia, ohio, all the places that matter. let's take a look first at the national polls. our last poll shows 48% for obama, 47% for mitt romney. the president inching ahead. the same thing has happened in some other national polls. more importantly for the president, look at the swing state numbers. start with the state of virginia, 13 electoral votes. the president's got a one-point lead, 48-47. in florida, with 29 electoral votes, a state mitt romney absolutely has to have, president obama leads by two points-47. and in ohio, the ultimate hinge point in this election, another state that mitt romney absolutely believes that he needs to have to get to 270 electoral votes. he is down 6, 51-45. now, of course, all of these things depend on how you define likely voters. the romney campaign says the polls are not capturing republican enthusiasm. the proof is going to come tomorrow night
. what an obama or romney victory means for the market and your investments. sandy's aftermath. we continue to track the latest kwomts as the east coast tries to pick up the pieces after the superstorm. we are trading the big movers with stephanie link, joe teranova and downtown josh brown. let's get to the election. the two candidates are entering the home stretch. john harwood has the latest from both camps. >> the candidates are racing through the battleground states. the organizations are working to turn out voters. the president will be appearing with bruce springsteen in ohio. jay-z in wisconsin rather. mitt romney is going to new hampshire. twice to virginia. you look at the polls and they are extremely tight. our last nbc news/wall street journal poll shows 48% for obama. 47% for mitt romney. that's as tight as you can be. well within the margin of error. either candidate can win the popular vote. you look at the battleground states and that's where president obama held an advantage. look at final three polls for nbc and the wall street journal. first of all in virginia. ke
is on. >>> president obama and governor romney, new polling numbers out. what do they show? >> the national numbers show a dead heat race. 48%-47% in the latest nbc/"wall street journal" poll. the challenge facing mitt romney is the swing states, battlegrounds. there are nine of them. if you look at the ones where president obama is leading, average all the polls on the website. you see the president of the united states is leading in swing states like ohio, new hampshire, colorado, iowa, nevada, wisconsin, all those are critical. mitt romney's only leading in two of the swing states, we're talking about florida with 29 electoral votes, and north carolina with 15. you add those together to the base states that mitt romney has. that only makes 235 electoral votes. president obama with 303. that doesn't mean mitt romney cannot win. he's very close in some other states. in colorado, for example, in new hampshire, he -- but he's going to have to make up a lot of ground in a lot of places to get there and the last swing state polls we showed showed six. poi
romney will be better for wall street. you will see a lot of green on the board today. a gain of almost 152 points. s&p nearly 1% there. take a look at the nasdaq by one half of one percent. the path goes through several key battleground states and holds the possibility of the unthinkable.fzv unlikely, yes. out of the question, no. john harwood joins us live with more. >> i'm glad to see all the green you've got today. i'm doing red and blue. let's look at the map. you can see from the states that are both solidly in one candidate's camp or leaning that way. president obama will start the night with 237 electoral votes barring a shocker. mitt romney with 191. here's how to get to the 269-269 tie. give president obama ohio, the state where he's been campaigning hard on the auto bailout. give president obama wisconsin, paul ryan's home state. he's had a consistent lead there and give him the state of new hampshire. give everything else to mitt romney. florida, nu/"carolina, virginia, iowa, colorado, nevada -- which is tough for romney. we get to 269-269. then it goes to congress. the hous
for the first time five votes each for obama and five for romney. election coverage begins with a special edition of "squawk box" tonight at 5:00 p.m. eastern time followed by prime time coverage here on cnbc. jim will be a big part of this. >> i can't wait. a big night. i think that -- look, as maine goes so it goes. new hampshire, i don't know. when i look at all of the polls, i here it neck and neck. when i look -- this is why i believe it will be for obama. that's not a political statement by the way. what i'm saying is i look at the states and obama does factor plus or minus he's ahead except for virginia and maybe florida depends on the poll. i urge everyone to go out and vote in new jersey. very difficult. largest polling place in our town closed. no power. people have to recognize that the adversity of a lot of people trying to vote today shows you that democracy is trying to be at work. not as easy as you thought. >> i have always said voting is messy. we do it better than just about anybody else. >> north korea has the 99%. everybody seems to turn out. >> regardless of whether t
of view? >> i think romney may have to wait whereas obama probably does it a little bit sooner. >> if you're just joining us, final set of numbers on on the u.s. jobs market before the election will be out in just a few hours. >> stocks in europe into the green. >> and raising costs of sandy. one estimate now puts losses from the storm at $60 billion. >> and trade link, we'll hear from the chairman of the investment correspond naturing boa coordinating board of how the country is dealing with qe in the west. >>> policy easing raise the specter of high inflation and overheating in developed economies that are expecting faster growth rates. >> indonesia has seen its foreign reserves balloon to more than $100 billion. earlier ross spoke with the chairman of the indonesian investment coordinating board and started asking how the company is dealing with hot money flows. >> the government has to channel p participating easing money coming from the western u.s. and the best way to handle the issue is by building the infrastructure. this is the thing we would like to see happen in indonesia. >> a
margins in florida, virginia, colorado and ohio. >> governor romney has been having a tough time here in ohio because everybody knows he was against saving the auto industry. you don't scare people just to scare up some votes. >> i can't wait for us to get started. he's hoping we'll settle. americans don't settle. we build, we aspire, we dream, we listen to that voice that says we can do better. >> john harwood will join us with more. and then we'll focus on pot ticks with jack welch. romney campaign adviser senator rob portman and roger altman. so obviously a full lineup to get through all of this. andrew and joe, back over to you. >> let's check on the markets this morning. futures are indicated lower. as i've been pointing out for a while, there is a labor day indicator that jim stack and others have pointed to. and 25 out of 28 times, if the dow jones industrial average was below where it was the friday before labor day, the incumbent loses. and that number 13, 091 and the dow closed at 13,093. so two points above. >> do you think it was sandy? >> i don't know what it was. turned
votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken langone, don peebls, and one of bush's right hand many, larry lindsey will be joining us. and then later today, a very special afternoon edition of "squawk box," we'll pick up election day coverage again at 5:00 p.m. so if you're sticking with us now, stick with us all day and the cnbc team will continue throughout the evening. of course you can take part in all of this by
romney victory. if you believe what most commodities are pointing to, it could be a re-election for the president. one thing is for sure. someone will be elected tonight or even tomorrow if it's a photo finish. >> absolutely. let's look at big rally here. the dow holding on to a triple-digit gain throughout the session today. we're off the best levels of the session. nonetheless, up 143 points on the industrial average. that's better than 1%. a similar move for the nasdaq. 12 points higher, again off the best levels of 1311. the s&p 500 currently showing a gain of nearly 1%, about 12 points higher. so what are the markets hinting about tonight's presidential results? let's get some opinions on that. >> yes, let's do that in the "closing bell exchange." joe, what do you think? can we read anything into today's market action based on what's strong or what's weak or whatever? >> not so much. heading into the election, if you just look at the polls, it seemed pretty clear both candidates are really neck and neck. i think part of the rally you're seeing right now is just a r
and mitt romney will leave their fate in the hands of u.s. voters today after a long and bitter campaign battle. national polls show obama and romney in a dead heat. although the president seems to have an edge in ohio. and tracie potts joins us live from cincinnati, ohio in the wee hours of the morning there. when do polls open, how important is ohio, and when will we start to get a sense of the outcome? >> reporter: the polls here in ohio open at 6:30 eastern time. so we have about 2 1/2 hours. this is one of the polling places, a local church here behind me. however important is ohio? for months we've been talking about ohio really sort of being a bellwether state, ohio being the most important battleground state. and that's because ohio has a history of choosing presidents, particularly cincinnati where i am, it's been described as really the biggest swing part of one of the most important swing states. and in terms of when we may start to get results, the polls here close i believe at 7:00 eastern time. so shortly after that, we'll start to see precincts reporting. but because this
battleground state of wisconsin shows a dead heat. romney, obama, tied at 49%. so joining me now for an exclusive interview is governor scott walker, republican from wisconsin. governor walker, as always, sir, welcome back to the "kudlow report." we appreciate it. they're tied at 49% which is something of a surprise. the republicans strnts taken the state of wisconsin in a presidential election since 1492. so how does it look, how do you see it right now? >> well, i was out in green bay, wisconsin nearby where the president was today. i've been all over the state the last couple days. momentum is clearly on our side. and you expect that out of somebody advocating for candidates, but i've really seen it. we made 4.5 million voter contacts leading up to the june 5th election. we won by a bigger mar begin than we did in 2010. and that basis of support hasn't let up, that converted over to mitt romney, it got inspired when paul ryan was added to the ticket. but most importantly, the day after mitt romney had that impressive first debate in denver, we saw the phone lines lit up, we sa
there to be a ridiculously euphoric rally if romney were on to win. i don't believe he will. in fact i don't favor him winning. but having said that -- i know, no politics. >> no, i take issue with the statement that markets will have a rally if romney wins because we've seen a number of commenters putting out notes from firms from wall streerts who support romney nevertheless saying they think some of the price action, weaker stock market, a little bit of back up in bond yields may be owed to the fact that markets pricing in romney victory and actually not liking what it sees. p. >> i don't agree with that at all. i think on this side of the pond, the dominant view is that obama will probably succeed. i don't think the market is pricing that in at all. i think if anything, folks are continuing with the same means which are very, very weak europe, concern prior to the pmi number today about china, the fact that aggregate demands in general is under pressure. this is still a big global story about aggregate demand relative to the supply of labor capacity and capital globally. we don't have a sufficient
be a positive for the challenger in the form of mitt romney but everybody has their own unique foibles how they want to proceed on the trading side. traders aren't giving me anything solid as a glimpse into who wins but they seem optimistic they think the fiscal cliff will be dealt with, but it won't be dealt with until next year and dealt with retrospectively. >> i would agree, that's what people are saying now. chris, regardless, you're saying you're staying neutral before the election. what does that mean? where are you putting your money right now? >> i think the only pull we really believe is we're going to end up with a divided -- a divided government again. that's for sure. as a consequence, when you look at the presidential outcome, i think right now the edge seems to be at obama based on the polls. but well within the margin of error. so, if you saw a romney victory, i would disagree with rick, i think you could see a pop in the markets if we saw a romney victory. from ourve, if you want to look at what you emphasize, tradeable themes on the republican side and democratic side. if
challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you have the ibms which delivered. moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of mutual funds. overall investors play that game. risk on and risk off investing for more than a few month
romney to win the election. this is business as usual. the market is now focusing on the fiscal cliff. the consequences of not figuring something out are so dire that the government, in spite of themselves, is going to figure something out. we think in terms of taxes, don't think anything draconian is going to happen. we think capital gains and dividend tax might go up to 20%, 25% at the highest. we just don't think it would with fly and wouldn't make sense. we would not be making any radical changes in the portfolio short of having, if you repositioned your portfolio for a romney victory. obviously, then, you want to undo some positions. >> just to state the facts, meg. you are dealing with, you know, high income clients at jpmorgan private bank. you're hearing concerns from them. 20 to 25% in dividends. the facts are if these guys do nothing about the fiscal cliff, dividend taxes could go to 43%. that's a huge difference from 15%. do you believe it could be 20 to 25%? what's your take? >> clients are certainly concerned about this. they're asking a lot of questions about the dividen
. coal stocks the hardest hit in the wake of romney's loss. we know he was a supporter. and while not all health care names performed well, hospital stocks did soar today, with obama care set to remain in place money will continue to flow to the hospitals. as you can see, your tenet healthcare up almost 10%. larry? >> all right. many thanks. cnbc's courtney reagan. let's turn now to our investors, break down today's huge market sell-off. joining me is henry blodgett, business insider, co-founder ceo and editor in chief. and david goldman is a former head of fixed income research at bank of america, currently president of macro strategy. and jim lacamp, senior vp of investments at ubs. i begin with mr. la camp, is this a wall street vote on the election? awful a sudden boom, boom, boom. is that what this is all about or is there something else going on here? >> there's definitely something else going on. we had problems before, with this market before yesterday. since september this market has been struggling with a falling, deteriorating global economy. it's been struggling with deteriora
that the unemployment rate ticked up is something that governor romney will emphasize, it's higher than when the president took office. that's the headline number. but i agree with austan, the fact you had 171,000 jobs this month and i would even add to that, it's not just this month, it's the trend for the past couple of months is higher, about 170,000 for the past couple of months. and that's a good sign. the one thing i would say is that while that's better than the average, the number of jobs created per month since the turnaround in early 2010 has been about 140,000 per month. this is a little bit better than that. the one disadvantage of it is that you need about 119,000 per month just to keep pace with population growth. what this means is that even with 170, you're adding 50,000 per month and if you play that out, it would take 13 years then to make up for the jobs lost during the recession and still keep pace with population growth. >> what about sort of on top of all of that and let's talk about the superstorm sandy, a terrible human and personal toll. what impact does it have in t
president obama resumes its election campaign duties today. he's ahead of mitt romney in three key states according to the latest "wall street journal" nbc poll. but the majority of the swing states are still there for the taking. it's shaping up to be one of the closest races in history. >> using new methodology, adp's revised calculations for the monthly job reaction at down from 162,000 the firm originally reported. october's figure is due out today. and washington's official nonfarm payroll on friday, of course. analysts are expecting around 15,000 jobs to have been created in october and a slight uptick in the job let last. did you see that story that said if you have a smartphone, blackberry, your company gets an extra 460 hours out of you a year. there is one or two that we get even more time on their blackberries, but seriously, i was looking at my smartphone and there are comments from our viewers saying come on, viewers in the states are not so stupid as to change their mind in the last couple days given what chris christie said. they've made their opinion up on a longer term ba
in star bucks for an hour and a half? these folks we have on today, huge romney guys. i'm worried about you. i want you to just take a deep breath. >> i'm going to have a great morning. this is like a cocktail party of the morning. >> a billionaire are solar. i don't know how that happened. >> smart guy. >> still pitching the no fossil fuels. we'll have to ask how we'll manage that. but this is like what it's like in an all solar world. it would be worse than this, just so you know. just take a good look around. >> why want to tell you what the cover of business week looks like. >> i know what it is. >> it says it's global warming, stupid. >> i saw al qaeda was blaming it on our nasty activities around the world. i would bet you that the link is about to have the same chance of being true of either one. >> governor cuomo was talking about this yesterday, how the storms are coming in more and more frequently. insurance companies are saying that -- >> they're the not though. >> but they're hitting major population centers and maybe causing more problems there. >> to look at anything on a
gop challenger mitt romney. it was battleground state ohio that put the president over the top. it was status quo election. democrats keeping control of the senate. republicans, the house. in his victory speech, the president outlined some of what he hopes to accomplish early in his next term. >> in the coming weeks and months, i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together, reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. we've got more work to do. >> here's what does not change as a result of last night's election. dodd-frank, financial reform, obama care unlikely, probably impossible to repeal now and fed chair ben bernanke will serve out his term until 2014. not only did you guess correctly, jim, you said it would be decisive. you also said that futures would not uniformly be negative and we're not sure why they're down at this very moment. >> i think there's always going to be a perception that the run yesterday was because of a b
at obama headquarters in chicago. hampton pearson is with the romney team in boston. but phil, we will start with you. >> andrew, good morning. it's only been a couple of hours since president obama gave his victory speech here at mccormick place. and that speech a lot of people were looking at and said did it set at least initially the tone for his second term in office. during the speech, he talked about the country coming together and ending the divisiveness that has been typified by the campaign over the last several months. in particular, he made mention about the deficit and coming together to work on solving the deficit, and more importantly, the republicans and democrats finding some solutions. >> whether i earned your vote or not, i have listened the you. i have learned from you. and you've made me a better president. and with your stories and struggles, i return to the white house more determined and more inspired than ever about the work there is to do and the future that lies ahead. >> president obama will return to the white house later this afternoon. he spent last n
these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid out this notion that somehow romney was not in favor of any more revenues and romney debunked that and said, look, we're in favor of revenues, and i think he was largely speaking for the republican party at that point. we're in favor of more revenues. the ryan budget, for example, had revenue assumptions in it. so i think what's got to happen is that both sides have to let the other team take a victory lap. let republicans come into this debate where we keep tax rates low and reasonable and predictable and drive toward tax reform next year. democrats can come into the debate and claim a victory and say, well, we're interested in more revenues. the key is, can we get to these underlying situations and that is entitlement reform. that's where the action is. >> okay. but how realistic is it to postpone or extend everything for a year? as i understand it, this was in the "wall street journal" editorial page this morning and i've heard this elsewhere, that mr. boehner would like to ju
offer. >>> welcome back. mitt romney may have lost the presidential election, but some democrats are warming to one of his key tax reform proposals. remember this? >> everybody gets -- i'll pick a number -- $25,000 in e ductided and credits. you can decide which ones to use. home mortgage interest deduction, childcare tax credit and so forth. you can use those in filling that bucket of deduction. >> robert frank looks at how a deduction bucket impact everything. >> the gop doesn't want to raise tax rates. many on both sides are now talking about cutting or limiting deductions to raise revenue. that would appease both parties. some argue that this would be a gift to the wealthy, but in fact, millionaires would bear the brunt of any cut in deductions. let's look at the tax policy center. if deduction were capped at $25,000, people making $1 million or more would see a tax increase of more than $97,000. this group would could for more than 45% of that tax change. people making more than $200,000 a year would account for more than 70% of that change. the middle class, well, they woul
romney's plan. he lost the election but might his ideas win out in the end? plus obamacare, continues to take it's toll on jobs. and one ceo's comments about it's plan are spurring a national movement to eat pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and t
. is it qe, or is it romney? are the effects of the weaker stock after the number, are they effects of a stronger dollar after the number really because of qe, or are they because not only do we potentially have a challenger that's close enough to win but if that challenger does win, what's to say to bernanke, what's to say to the fed, what's to say to qe, what's to say to the bye bauy backs? you can go either way on it. all these issues are making it difficult for investors who have a good hunch to necessarily bet a bunch. >> very interesting day. you make a lot of good points. jeff cox, what do you think? >> i want to piggy back on this theme of good news is bad news and maybe people are worried about bernanke is going to go to the basement of the fed and pull the plug on the printing press. if investors out there are concerned that we do stop the qe train and it might get in the way of market rally, let me offer something for them. i've been crunching the numbers on the jobs report all day. the thing that stood out to me more than anything was no gain in wages. we've been stuck o
. had romney won each of those states, that's 315 electoral votes. they have to modernize. it's not a case of for or against illegal immigration. it's about straightening out this mess. romney the efficiency expert could have straight thaend out, created an orderly system where we take people in, people don't have to hide in the shadows and people can be put to work and get some sort of documentation. that's what they need to do. >> igor, let me go to you. let me go back to the economic message. romney tried to run as a free enterpriser but he didn't talk about supply side tax cuts much with the exception of the first debate, which he won nicely, and that i thought was his single best defense of free market capitalism and lower taxes and lower spending. but i think barack obama was pretty clever. he basically said blame george w. bush, which the exit polls said people did, and the economy, give me more time. romney won the economic issues, igor, but he didn't win it by that much. so i don't think the republicans got their message out. >> larry, i don't think he won the economi
re-elected by one electoral vote and romney getting the popular vote particularly because of the storm on the east coast, you know, new york, new jersey, and connecticut tend to lean democratic, so you might have fewer public votes from the democrats. it's going to be interesting. i would not like to see that happen. i think the country is a little too strained already. >> lawyers already waiting by the phones. thanks, art. have a good weekend. art cashin. the october jobs number, sandy's impact on the economy, the future for job creation and a presidential election. we'll discuss it all with adviser alan krueger in a moment. >>> plus, restoration har wear jumping into the i po waters. the ceo and founder after the retailer's first trade happening right here at the big board. of course the opening bell is in three minutes. >>> tonight americans will unite to aid those who need it most in an all-star benefit. an all-star benefit. hurricane and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ m
homes specifically mentioned weak employment growth. >> and we got a drop for mitt romney. poor mitt romney as if losing the presidential race wasn't bad enough now he is losing facebook likes. the declining number of likes on mitt romney's facebook page. one loyal romney fan, eric heartsford got a mitt romney logo tattooed on his face. he has no regrets. >> that's fantastic. >> that's disturbing. >> painful but good look. >>> deal or no deal? find out how smart money is preparing for possible show down on fiscal cliff. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. t
powered ahead of mitt romney. >> thought it might be you there. we want to know if he set a new agenda for presidential campaigns in the future. >>> the words four more years coupled with a photo of barack and michelle obama embraced in a hug is the most retweeted post ever. the u.s. president tweeted just. and it's been retweeted half a million times. >> do you think he actually pushed the tweet button? >> twitter doesn't let you to that anymore which i found out when i tried to -- >> what do you mean? >> it only counts -- >> he it actually didn't -- >> oh, tweet it in the first place. no, they probably have a team of people. >> that's what i mean. >> so to say that he tweeted is not factually correct, is it. >> thank you for catching that. norm johnson is here to talk about just how as we were discussing, how candidates use social media. and to you you think the way in which obama used it helped his re-election? >> ross, first of all, i think it was his kids that tweeted it. that's the trick that i use. but i think it certainly helped. if you look at the power of word of mouth partic
action today -- the coal stocks, which have been up on hopes of a romney victory, are down sharply today. health care, which was down, perhaps because of a romney victory, is higher today. we are seeing a reaction to the election, aren't we? >> of course you are. that's exactly what i predicted. listen, america is now facing austerity. it was europe's turn. now it's america's turn. austerity is very deflationary and very depressionary. there will be a recession in 2013. china has yet to bottom. we will have a recession now. >> so what are you going to do within your portfolio? >> listen, we are now selling defense. we're selling dividends. we're selling cyclical stocks. we're raising cash. we believe that you should not play russian roulette with your investments. you have to be careful here. when we get resolution on the fiscal cliff, and i'm sure there will be very early in 2013, then we'll go back into the market heavily. not until then. >> okay. jeff, in the meantime, you believe with obama remaining in position that ben bernanke's job is safe for the foreseeable future and that is i
difference between yesterday and today is that there are no hope today that romney will be president. >> i think that run-up that we saw, if you watch the action in the coal names yesterday, it was based on a romney victory or [ competitive. the reason i know this, they turned on their heels and sold the hell out of them today. >> everything you wanted to remind you of what was wrong two weeks ago or twoment moss ago or even two years ago. again, we started out with europe, industrial production in germany going down hill fest. draghi saying it is a problem, merkel saying the eu needs to get together, riots in greece, the downgrade rumors, the fiscal cliff, this set us up for an s & p, hadn't moved in over a year into the surprised, you had a microcosm and yesterday a glimmer of hope. >> plus short ties. >> on a day like this, tough take your tie off to react to all the things going on. that's -- >> engelbert humperdinck concert. >> take off my ascot, i was going to wear a red tie. talk about that later. >> tim and stevie nailed it. people say technicals don't work, they stood up extraordi
the decliners. cnbc's proprietary indices that benefit from romney or obama win show the romney index down by more than 4%, 4.5%. look at this. the obama index. in this day, a massive selloff, it is higher. investors seem surprised by the and two months ago. >> a romney victory would have had 100 points in the s&p and probably a 15-point decline. >> wow. leon cooperman, is that a good prediction? is the presidency the reason we're dropping? let's bring in joe terranova, josh brown to find out. gentlemen, at least that's what i presume you are, is this really an obama selloff or is this the market rally and what is the reason now? >> what the reason is, what the outcome is going to be, really? it doesn't matter. what should matter is what should have happened today. this company is deficient in commonsense at some point this morning the speaker of the house, the president should have walked into a room and said the fiscal cliff that everyone is worried about, we're going to get it done, walk out of the room if they did that, the s&p is unchanged on the day. >> you have so much hope and cyni
hammered. a lot of the so-called romney stocks where you could see a lift coming from relaxed regulation which they were hoping for with both energy, coal names and financials, that's not happening. so that rotation, out of the stocks, i think has been severe. i don't think it can be just a one-day event. it takes days of hard selling to get them to firm up their position. it doesn't mean it rotates back into the market. it might stay in cash for a while. >> tech has left a mark. >> oh, yeah. >> if you're down in tech and the first thing you did was sell the first move like you can in financials, you have some memory lapse you cannot afford. again, start to think about that. if you bought apple at 702 the you're down 23.5%. you have to be up 32% to get back to break even. break even matters. real money matters and the financials are under pressure. >> more on apple in a few minutes. first we are going to ask the question everyone is asking. should we expect a technical break down in stocks. let's check in with the chief market analyst for elliot wave international. good to see you. >> hi
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